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- Additional clause
- Clause added to an initial contract between the different parties in order to complete or modify the initial conditions.lso be qualified as a deposit. In this case you are free to refuse to buy for personal reasons but you will also lose your deposit. If the seller cancels the deal, he must refund double the deposit. Finally, whether the sum paid is considered a down payment or deposit, it must be refunded if the real estate deal is cancelled due to a suspensive condition.
- Assign
- Person entitled to a right due to his/her legal, fiscal, financial situation or family ties with the beneficiary of a right.
- Assignment
- Transfer of a real estate property either during a sale (referred to as mutation à titre onéreux/conveyance), or free of charge (donation). This transfer implies a change of ownership.
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- Annuitant
- A person who benefits from a lifetime annuity (rente viagère) through a home reversion scheme (viager) (i.e. the seller)
- Appraiser
- Professional whose job consists in estimating the market value (valeur vénale) or rental value of property.
- Acquisition costs
- Set of fees and taxes engendered by the sale of real estate property, usually supported by the buyer. Acquisition costs are made up of taxes, administrative fees and, to a lesser degree, notary fees.
- Annuity
- Home reversion (viager) entails the payment of a lifetime annuity by the buyer to the seller. The buyer recovers the property (house or apartment) upon the death of the seller. The buyer is called the débirentier (he pays the annuity), and the seller us called the crédirentier (annuitant).
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GLOSSARY
